Suze Orman criticism
Suze Orman can be an easy target for criticism because she’s so visible and self-promoting. But the truth is, she does far more good than harm. She gets people to listen to her, especially women, who otherwise wouldn’t pay attention at all to their money lives. I’ve spoken with her on the phone several times and have seen one of her live events.
But Suze doesn’t always stay on top of the world of personal finance. An example comes from her Women & Money column this week. I saw it in the Philadelphia Inquirer today. (It’s actually the Sunday paper delivered Saturday.)
Suze gives generally good information about freezing your credit reports to prevent identity theft. That’s OK advice, although it might be a little extreme if there’s no reason to think your identity has been compromised.
However, she writes, “The bad news is that not all states allow freezes…” and later, “If your state doesn’t allow consumers to freeze their reports, you should contact your state and federal representatives to find out why…”
That used to be perfectly good information, until credit bureaus last fall announced they would allow everybody to freeze reports. So, now it doesn’t matter what state you live in. More details at FinancialPrivacyNow.org by Consumers Union.
It reminds me of the time she talked on her TV show about “Coverdale” educational savings accounts. The name is “Coverdell.” The misspelling even appeared in a graphic.
Again, these miscues can be forgiven in light of the good she does, and they pale in comparison to some philosophical differences many financial planners have with her. And I do leave open the possibility that she wrote the column before the change last fall, and it was just happened to be published now.
What’s your opinion? Are you a Suze fan?
I recently came across your blog and have been enjoying it. I was disappointed to see you use a tired stereotype about women in you praise of Suze Orman. “…she does far more good than harm. She gets people to listen to her, especially women, who otherwise wouldn’t pay attention at all to their money lives.”
This kind of gender bias is untrue and unkind. Poor financial decisions are person choices and not prescribed by sex.
I deserve that criticism — not because I’m sexist but because I tried to stuff too much into one sentence. I meant Suze Orman especially appeals to women, who can benefit from her advice.
There are women and men alike who don’t pay enough attention to their financial lives. I didn’t mean that women needed more help than men. In fact, in many areas of finance women do much better, especially investing, research shows.
Sorry I wasn’t clearer.